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🦄 Uniswap announced plans to launch a bail-out and burning program for UNI tokens, which includes several key initiatives.
In particular, part of the revenue from protocol fees will be directed towards the bail-out and burning of UNI coins, which will lead to a reduction in the total supply and an update of the tokenomics.
A Uniswap Growth Budget will also be created — a fund to finance the development of the protocol and ecosystem.
In addition, an update of the interface and API of Uniswap Labs is planned, and a large part of the team and initiatives of the Uniswap Foundation will move to Uniswap Labs.
The Uniswap Foundation will cease operations after distributing grants totaling approximately $100 million.
It is important to note that this is still just a joint proposal (RFC) from the Uniswap Foundation and Uniswap Labs, which has not yet been accepted and must go through voting.
The CEO of Uniswap proposed a one-time burn of 100,000,000 UNI totaling $900 million.
That is why the coin is currently rising in price!